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1.
高科技公司的治理特征与绩效的实证研究   总被引:6,自引:1,他引:5       下载免费PDF全文
刘烨  李凯  高菲 《科学学研究》2009,27(1):87-92
 本文对高科技公司的治理特征与绩效进行了实证研究。研究表明:在竞争激烈的高科技上市公司中,ROE与托宾Q值呈现显著正相关;高管平均薪酬、高管人员持股比例、机构投资者持股比例均与ROE呈现显著正相关;股权制衡度与托宾Q值呈现显著正相关。需进一步完善公司治理结构,进而提高公司绩效。  相似文献   

2.
上市公司的业绩主要取决于公司的治理结构,而公司股权结构是治理结构的一个主要方面。我国上市公司存在特殊的股权结构。通过对深市上市公司的研究表明,各股持股比例和上市公司的业绩没有显著的相关性。说明我国的股市尚不成熟。股权结构对公司治理绩效的作用还不明确.  相似文献   

3.
本文利用2002—2004年沪深两市A股上市公司的样本数据,实证分析了控股股东型上市公司的关联交易规模与公司内部治理机制之间的关系。研究结果发现:(1)控股股东的持股比例越高和其控制公司的资产规模越大,则越偏好于利用更多的关联交易向上市公司输送利益,同时也存在利用关联交易“隧道挖掘”上市公司的行为;(2)公司高层管理人员的薪酬激励可以抑制关联交易规模;(3)董事会规模对关联交易和公司绩效没有显著影响;(4)公司设置独立董事对关联交易行为的监督不明显,但初步显现对提高公司绩效的影响。  相似文献   

4.
杜沔  顾亮 《预测》2010,29(3)
在公司治理的分析框架中股权结构与公司绩效的关系是一个颇具争议的问题,国内外实证研究很多,但实证结果没有得到一致的结论.本文以我国201家上市公司2000~2007年的1608个面板数据为样本,应用新近发展的Panel-Data Granger因果检验方法对大股东持股比例与公司绩效的关系进行检验,发现大股东持股比例和公司绩效之间互为因果.  相似文献   

5.
公司治理对我国企业创新效率影响实证研究   总被引:2,自引:0,他引:2  
从公司治理结构视角出发,对公司治理结构与公司创新效率关系进行了实证探讨.研究结论证明:董事长持股比例对创新效率影响为正;公司高管持股比例与创新效率高度正相关;监事会主席持股比例对创新效率影响为正;而公司董事会和监事会的规模则对创新效率没有显著影响.另外,研究发现董事长、高管和监事会主席的持股对创新效率影响力存在着差异性.  相似文献   

6.
本文以我国上市公司2012-2015的样本为对象,使用Hadlock等(2010)的SA指数构建了融资约束虚拟变量,通过递归模型实证研究了融资约束在管理层持股对公司研发投资和研发效率影响中的中介作用。结论显示管理层持股与融资约束是高度显著的U型关系,但与创新效率则是高度显著的倒U型关系,融资约束在管理层持股对创新效率的影响中显著地发挥了部分中介作用,而且管理层持股对公司融资约束和创新绩效的影响主要局限于非国有控股上市公司。本文的研究为明确我国公司管理层持股对公司创新的影响路径提供了新的证据,也为实施股权激励和提高公司创新绩效提供了有益的参考。  相似文献   

7.
机构投资者持股对公司绩效的影响研究   总被引:3,自引:0,他引:3  
曾德明  龙淼  龚红 《软科学》2006,20(1):37-39,52
从机构投资者持股直接参与公司内部治理和间接影响外部治理两个方面分析了机构投资者持股对公司绩效的影响机理,归纳了机构投资者持股影响公司绩效的具体方式,并介绍了国内外在实证方面取得的成果,最后结合中国情况得出一些启示。  相似文献   

8.
中国民营企业公司治理与公司绩效的实证分析   总被引:1,自引:0,他引:1  
以沪深两市2004~2007年99家民营上市公司为样本,采用面板数据的分析方法,从所有权结构、董事会和高级管理层激励三个方面全面分析了中国民营上市企业中公司治理对公司绩效的影响。研究发现:最终控制人的控制权比例、现金流权比例以及两者的分离程度与公司绩效负相关;最终控制人的控制权与所有权的偏离程度与公司绩效负相关;董事长与总经理两职兼任和持有公司股份董事人数、董事会执行强度与公司绩效显著正相关;董事会规模与公司绩效呈现倒U型的二次曲线关系;高级管理层的薪酬与公司绩效显著正相关,但高级管理层的持股比例与公司绩效呈现非线性的三次曲线关系。  相似文献   

9.
结合我国主要存在的国有产权和私有产权两种制度,以上市公司2009年年报数据为样本,对学历、薪酬和持股比例等高管特征与公司绩效的关系进行了实证检验。结果发现:高管学历与公司绩效显著正相关,但在国有控股上市公司更为显著;高管薪酬与公司绩效亦显著正相关,但在非国有控股上市公司更为明显。相对而言,高管持股与公司绩效呈现弱的正相关性,但在两类公司中表现不同。证实了产权性质不同的两类公司其高管学历、薪酬与持股比例对公司业绩的影响方向相同但程度上存在差异。  相似文献   

10.
刘石兰 《科研管理》2013,34(1):116-123
国内外学者对公司治理结构与公司绩效的关系做了大量的实证研究,但有关公司治理与产品销售绩效的关系研究非常少。文章以金融危机时期的上市信息技术企业为样本,将销售绩效视为一个包括销售利润率、销售增长率和销售费用率等指标的整体多维构念,研究了公司内部治理结构与整体销售绩效的关系。结果发现:与以往研究结论不同的是,董事长兼任总经理分别与整体销售绩效、销售利润率和销售增长率呈正向关系;大股东持股比率与销售费用率呈负向关系。这些结论在理论上揭示了在经济萎缩的背景下,市场能够对董事会与管理层之间的矛盾有自动调和作用,这为信息技术企业的治理机制建设有重要启示。  相似文献   

11.
CAS should stick to the principle of rendering service to, and giving impetus for, the development of China's science enterprise by making S&T innovations, said CAS President LU Yongxiang. The CAS president made the remarks in a recent talk to communicate the gist of the winter session of the Party's Leading-member Group at CAS, which was held from 7 to 11 January in Beijing.  相似文献   

12.
This study examined how students who had no prior experience with videoconferencing would react to the use of videoconferencing as an instructional medium. Students enrolled in seven different courses completed a questionnaire at the beginning of the semester and again at the end of the semester. Students at the origination and remote sites did not differ in their reactions toward videoconferencing but there was a significant difference for gender. Women reacted less favorably to videoconferencing. Compared to the beginning of the semester, students reported significantly less positive attitudes toward taking a course through videoconferencing at the end of the semester. There were no significant differences in students' attitudes toward videoconferencing across courses at the beginning of the semester but there were significant differences across the courses at the end of the semester. The results suggest the need for better preparation for both students and instructors.  相似文献   

13.
With great care, Dr. ZHOU Zhonghe takes out a package wrapped by cotton tissue from a drawer and says: "This is the gem of our collections: the fossil of a bird that lived 125 million years ago!" Then, pointing at a tiny mound, he explains: "Look, this is the claw and that is the head. It was in the egg shell and ready to hatch ... The species fell into a family of waterside inhabitants."  相似文献   

14.
Ajoint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology and his co-workers from Norway, US and Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells, suggesting that China's projected climate warming could decrease the pest's numbers. The study was published in Proceedings of theNational Academy of Sciences on 17 September, 2007.  相似文献   

15.
A computer-mediated group is a complex entity whose members exchange many types of information via multiple means of communication in pursuit of goals specific to their environment. Over time, they coordinate technical features of media with locally enacted use to achieve a viable working arrangement. To explore this complex interaction, a case study is presented of the social networks of interactions and media use among members of a class of computer-supported distance learners. Results show how group structures associated with project teams dominated who communicated with whom, about what, and via which media over the term, and how media came to occupy their own communication niches: Webboard for diffuse class-wide communication; Internet Relay Chat more to named others but still for general communication across the class; and e-mail primarily for intrateam communication. Face-to-face interaction, occurring only during a short on-campus session, appears to have had a catalytic effect on social and emotional exchanges. Results suggest the need to structure exchanges to balance class-wide sharing of ideas with subgroup interactions that facilitate project completion, and to provide media that support these two modes of interaction.  相似文献   

16.
Electronic data interchange (EDI) provides means for interorganizational communication, creates network externalities, requires an advanced information technology (IT) infrastructure, and relies on standards. In the diffusion of such innovations, institutional involvement is imperative. Such institutions contain governmental agencies, national and global standardization organizations, local government, and nonprofit private organizations like industry associations. The last type of organizations we call intermediating institutions. They intermediate or coordinate ("inscribe") the activities of a group of would-be adopters. Unfortunately, little is known of how these organizations shape the EDI diffusion trajectory. In this article we examine one specific type of intermediating organizations?industry associations?and how they advanced the EDI diffusion process in the grocery sectors of Hong Kong, Denmark and Finland. We identify six institutional measures, placed into a matrix formed by the mode of involvement (influence vs. regulation) and the type of diffusion force (supply push vs. demand pull), that can be mobilized to further the EDI diffusion. Industry associations were found to be active users of all these measures to varying degrees. Their role was critical especially in knowledge building, knowledge deployment, and standard setting. Furthermore, institutional involvement varied due to policy and cultural contingencies and power dependencies.  相似文献   

17.
The increasing prospects of digital piracy has prompted the perceived need by electronic publishers to adopt technical systems of protection, and governments to reform their copyright laws. This article is a preliminary study of the management of intellectual property by electronic publishers, defined as those involved in the production of online databases, and CD-ROMs. It focuses on three main issues: (1) how electronic publishers view the increasing threat of piracy; (2) the methods of protection employed to protect intellectual property in digital format; and (3) the importance of technological protection of intellectual property in electronic publications. The analysis is based on a sample of 23 UK electronic publishers. The interviews revealed an interesting assortment of protection methods and did not show that technological protection was a preferred way. Instead, the means of protection, in addition to copyright law, comprised niche markets, pricing, trust, bad publicity, and nontechnical and technical means.  相似文献   

18.
Long-standing conflict between domain name registrants and trademark holders prompted the Internet Corporation for Assigned Names and Numbers (ICANN) to create a global, mandatory arbitration procedure known as the Uniform Dispute Resolution Policy (UDRP). The UDRP has been used in 2166 cases involving 3938 domain names as of 1 November 2000. The policy gives the initiator of a complaint, generally a trademark holder, the right to choose which ICANN-accredited dispute resolution service provider (RSP) will handle the case. During the preparation of the UDRP,some feared that complainant selection would lead to "forum shopping" that might bias the results. This article performs a statistical assessment of the forum-shopping thesis and finds support for it. There are statistically significant differences in the various RSPs' propensity to take away names from defendants; there are also major differences in the number of cases brought to each RSP. RSPs who take away names have the larger share of cases. The study examines other variables that might explain differences in market share, such as price, the plaintiff's nationality, or the time taken to decide a case. It finds that nationality and time also are correlated with market share. The study concludes that shopping for a favorable outcome is an important factor in the UDRP.  相似文献   

19.
Prof. Raymond C.K. Chen, a neuropsychologist with the CAS Institute of Psychology, has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology.  相似文献   

20.
Prof. SUN Changpu from the CAS Institute of Theoretical Physics and coworkers from University of Basel in Switzerland have worked out a way --at least in theory --to split a beam of molecules according to their chirality. The technique involves passing the molecules through three different laser beams and is similar to the famous Stern-Gerlach effect, whereby a beam of atoms passing through a magnetic field is split in two according to the atoms' spin states (Phys. Rev. Lett. 99 130403).  相似文献   

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